1 RFA:bg A22-02613 (08-17-2022)
01426582.DOCX
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OFFICE OF THE CITY ATTORNEY
CHARLES PARKIN, City Attorney
411 West Ocean Boulevard, 9th Floor
Long Beach, CA 90802-4664
RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF LONG BEACH AUTHORIZING THE CITY
MANAGER, OR DESIGNEE, TO RECORD A 10 -YEAR
INTERFUND LOAN OF $21,832,202 FROM THE GENERAL
FUND’S OWN PORTION OF THE FLEET ACQUISITION
FUND TO THE GENERAL FUND TO REIMBURSE
$21,832,202 FROM THE GENERAL FUND TO THE WATER
FUND, PURSUANT TO THE OUTCOME OF THE MEASURE
M LITIGATION
WHEREAS, the Measure M litigation requires the General Fund to reimburse the Water Fund $21,8 million by September 20, 2022; and WHEREAS, to avoid reducing the General Fund’s cash reserves by that amount, internal borrowing from the Fleet Acquisition Fund, which is an inter-service fund, into the General Fund is the best approach;
NOW, THEREFORE, the City Council of the City of Long Beach resolves as follows:
Section 1. The City Manager, or designee, is authorized to approve a 10- Year Interfund Loan of $21,832,202 from the Fleet Acquisition Fund to the General Fund.
Section 2. The term of the Interfund Loan is ten (10) years, with interest only the first year. Each of the annual principal payments in fiscal years 2023 -24 through 2031-32 will be $2,425,800, payable on the anniversary date of the loan. Each fiscal year, simple interest will be paid by the General Fund to the Fleet Acquisition Fund for interest earned the previous fiscal year, at the same rate earned by the pooled cash investment portfolio managed by the City Treasurer.
Section 3. This resolution shall take effect immediately upon it s adoption
2 RFA:bg A22-02613 (08-17-2022)
01426582.DOCX
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OFFICE OF THE CITY ATTORNEY
CHARLES PARKIN, City Attorney
411 West Ocean Boulevard, 9th Floor
Long Beach, CA 90802-4664
by the City Council, and the City Clerk shall certify the vote adopting this resolution.
I hereby certify that the foregoing resolution was adopted by the City Council of the City of Long Beach at its meeting of _________________________, 2022 by the following vote:
Ayes: Councilmembers:
Noes: Councilmembers:
Absent: Councilmembers:
Recusal(s): Councilmembers:
City Clerk